04:21 PM EST, 03/06/2024 (MT Newswires) -- Nanalysis Scientific Corp. ( NSCIF ) announced a best efforts prospectus exempt offering of up to 11.1 million units at $0.45 each for gross proceeds of up to $5 million.

Each unit will consist of one common share and half of one common share purchase warrant. Each warrant will be exercisable at $0.65 for 24 months following the closing date of the offering,.

Nanalysis will also be simultaneously conducting a concurrent brokered "best efforts" prospectus exempt offering of units, for gross proceeds of up to $1 million by way of a private placement. The net proceeds of both offerings will be used to expand the company's security services business, working capital including repayment of all or part of Nanalysis' operating facility and general corporate purposes.

The offering and concurrent offering are expected to close on or about March 20.